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How Low Can You GO?

Rates on 30-year fixed-rate mortgages are at their lowest since Freddie Mac began tracking them in 1971, the mortgage financier said in releasing the results of its weekly primary mortgage market survey.

Frank Nothaft, Freddie Mac vice president and chief economist, attributed the decline in part to the Federal Reserve's statement this week that it stood ready to expand purchases of mortgage-related assets as it cut the federal funds overnight rate to a record low of zero to 0.25 percent.

The 30-year fixed-rate mortgage (FRM) averaged 5.19 percent with an average 0.7 point for the week ending Dec. 18, down from 5.47 percent last week and 6.14 percent a year ago.

The 15-year FRM averaged 4.92 percent with an average 0.7 point, down from 5.2 percent last week and 5.79 percent a year ago. The 15-year FRM has not been lower since April 1, 2004, when it averaged 4.84 percent.

Rates on adjustable-rate mortgages (ARMs) were also down, with the five-year Treasury-indexed hybrid ARM averaging 5.6 percent with an average 0.6 point, down from 5.82 percent last week and 5.9 percent a year ago.

One-year Treasury-indexed ARMs averaged 4.94 percent with an average 0.5 point, down from 5.09 percent last week and 5.51 percent a year ago.

Meanwhile, the Mortgage Bankers Association said applications for the week ending Dec. 12 were up a seasonally adjusted 2.9 percent, driven by a 6.5 percent jump in refinance applications. Applications for purchase loans fell 4.5 percent, while the government purchase index (largely FHA) was unchanged.

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Paul Zweben, Licensed Associate RE Broker
paul.zweben@compass.com
Carolyn Zweben, Licensed Associate RE Broker
carolyn.zweben@compass.com
110 5th Ave, 2nd Floor
New York, NY 10003

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The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.

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